Here are NSW’s 2 assistance programs if you’re buying your first home:

1. First Home Assistance Scheme

Stamp duty is a government tax on certain purchases, including buying a home, land or investment property. The good news is, when you buy your first home and it’s in NSW, you might be eligible for a stamp duty exemption (you pay no stamp duty) or concession (a discount on the stamp duty). The amount of the discount depends on the value of your home.

Who can access it?

NSW residents buying their first home for less than $1 million. It can be a house, townhouse, apartment, unit or something similar.

Are you eligible to save on stamp duty?

• You must be 18 or over at the date of the contract.
• At least one of the first home buyers must be an Australian citizen or permanent resident.
• You must be an individual, not a company or trust.
• You and your spouse/partner must never have owned or co-owned residential property in Australia.
• You and your spouse/partner must never have received a first home buyer grant in Australia.
• You or one of the other first home buyers must move into the new home as your principal place of residence within 12 months after buying the property, and live there for a continuous period of at least 6 months. If you’re a member of the Australian Defence Force when buying your first home and you’re on the NSW electoral roll (as is anyone you’re buying the property with), you won’t have to meet these residential requirements.
   

How it works

If you buy a new home valued at less than $650,000, you can apply for a full exemption and pay no stamp duty. A NSW stamp duty calculator shows this will save you up to $24,457.

If you buy a new home valued between $650,000 and $800,000, you can apply for a concessional stamp duty rate. The amount you save will be based on the value of your home. (For example, on a $700,000 home you will pay $10,402 stamp duty, saving you $16,304.)

If you buy an existing home valued at less than $650,000, you can apply for a full exemption and pay no stamp duty. A NSW stamp duty calculator shows this will save you up to $24,585.

If you buy an existing home valued between $650,000 and $800,000, you can apply for a concessional stamp duty rate. The amount you save will be based on the value of your home. (For example, on a $700,000 home you will pay $10,445 stamp duty, saving you $16,390.) 

If you buy land valued at less than $400,000, you won’t pay stamp duty. This will save you up to $13,335 according to a NSW stamp duty calculator.

If you buy land valued between $400,000 and $500,000, you’ll receive a concessional stamp duty rate. (For example, if you buy a block of land for $450,000 you will pay stamp duty of $8,917.50, saving you $6,667.50) 

These rates apply to contracts dated between 1 July 2017 and 31 July 2020 and continuing from 1 August 2021.

How to apply for it

You’ll need to download and complete the First Home Buyers Assistance Scheme application form and the Purchaser/Transferee Declaration Form (both available at revenue.nsw.gov.au). Lodge the application forms and supporting documents with your solicitor or conveyancer.

2. First Home Owner Grant (FHOG)

If you’re buying or building a new home or a substantially renovated one, you could receive a $10,000 grant.
 

Who can access it?

First home buyers buying a new home or a substantially renovated home in NSW, with a value of less than $600,000. If you are buying land to build on, the combined value of the land and any home you intend to build must be less than $750,000.
 

Are you eligible for the First Home Owner Grant?

• You must be 18 or over at the date of the contract.
• At least one of the first home buyers must be an Australian citizen or permanent resident.
• You must be an individual, not a company or trust.
• You and your spouse/partner must never have owned or co-owned residential property in Australia.
• You and your spouse/partner must never have received a first home buyer grant in Australia.
• You or one of the other first home buyers must move into the new home as your principal place of residence within 12 months after buying the property, and live there for a continuous period of at least 6 months. If you’re a member of the Australian Defence Force when buying your first home and you’re on the NSW electoral roll (as is anyone you’re buying the property with), you won’t have to meet these residential requirements.
   

How it works

To qualify for this grant, you must be buying or building your first new home. This includes:

• A newly built first property
• A home that has been substantially renovated before you buy it. This means most or all of the house was removed or replaced, and this is the first time it’s been sold after the renovations. It can’t have been lived in, including by the builder or a tenant. 
• A land and building package
• Vacant land on which you’ll build a new home.
   

How to apply for your FHOG

You can apply for the FHOG through an approved agent (your lender, which can be a bank or other financial institution). They’ll lodge the application form on your behalf.

If you’ve already completed the purchase process or construction has started, you can send your application straight to revenue.nsw.gov.au . It needs to be received within 12 months of settlement (or the date construction of your new home was completed).